The 7-Eleven store chain in South Korea has begun accepting central bank digital currency (CBDC) as part of a pilot program set to run until June 2025.
CBDC Pilot Program
From April 1 to June 30, 2025, 100,000 participants in South Korea are involved in testing CBDC. Citizens can convert their bank deposits into tokenized digital currency, maintaining a 1:1 ratio with the South Korean won. Eligible participants are South Korean residents aged 19 and older with an account at a participating bank. The conversion limit per participant is capped at 5 million won.
7-Eleven's Role in Digital Transformation
According to 7-Eleven’s digital innovation division head, the involvement in the CBDC trial aligns with the company's broader digital transformation goals. Integrating digital currency payments is expected to enhance the retailer’s technological capabilities.
Bank and Retail Participation
Key financial institutions such as KB Kookmin, Shinhan, Hana, Woori, NongHyup, IBK, and Busan Bank facilitate CBDC transactions. Beyond 7-Eleven, other retail outlets, including coffee shops, supermarkets, and K-pop merchandise stores, are also participating in the program. This follows a March announcement by the Bank of Korea and financial regulators about the CBDC test launch.
The CBDC testing in South Korea represents a significant step towards the country's future digital monetary system. The involvement of 7-Eleven and other retailers demonstrates a substantial interest in integrating new forms of digital payments into everyday life.
